Century 21 People's Choice

Canada's mortgage rates edging higher in first rise since before COVID-19 crisis

3/3/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Canadian mortgage rates are beginning to inch higher for the first time since before the COVID-19 crisis, reflecting the spike in long-term bond yields, but with home loans still ... More

Canadian Mortgage Market, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates, Mortgage Trends

Housing market 'not ready' for spike in mortgage rates

3/1/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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CIBC Deputy Chief Economist Benjamin Tal said many Canadians aren’t prepared for a shock to their mortgage rates as a result of volatility in the bond market. ... More

Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends

CMHC: majority of mortgage deferrals have ended, risk of arrears could re-emerge

2/25/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Most homeowners who sought deferrals for mortgages last year have seen their deferral periods end, but CMHC says the risk of these borrowers falling into arrears could ... More

Home Owners, Mortgage Consumers, Mortgage Default, Mortgage Deferrals, Mortgage Delinquency

Could Mortgage Rates Start to Rise Sooner than Expected?

2/2/2021 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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While Canada’s economy recorded its largest-ever annual drop of 5.1% last year, it’s also on track to post a comeback in Q4, which could force the Bank of ... More

Home Buyers, Mortgage Consumers, Mortgage Rate Forecast, Mortgage Trends

Million-dollar mortgages now common in GTA

2/2/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Lenders "have never seen as many as they have now". ... More

GTA Home Sales, GTA Real Estate Market, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends

5 Tips To Increase Your Chances Of Getting A Mortgage Approved

1/27/2021 | Posted in Home Buyers by Century 21 People's Choice
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Plan ahead when buying a home to save yourself time and stress. ... More

Home Buyers, Mortgage Advice, Mortgage Consumers

BoC stands by 0.25% rate in first policy announcement for 2021

1/20/2021 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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In its latest policy announcement today, the Bank of Canada held its target for the overnight rate at the effective lower bound of 0.25%, with the bank rate at 0.5% percent and ... More

Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Consumers

Canadians piling on mortgage debt as hot housing market continues

1/20/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Canadian Mortgage Debt Increased 7.4% in November compared to a year earlier, pushing total up to nearly $1.66 trillion, according to StatsCan. ... More

Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Rates Canada

Private-sector mortgage insurers say they're gaining market share in wake of CMHC tightening rules

1/19/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Loan-default insurance industry player says it gained market share following changes the Crown agency made last summer. ... More

Canadian Credit Market, Mortgage Consumers, Mortgage Default, Mortgage Loan Insurance

What will happen to Bank of Canada rates in 2021?

1/7/2021 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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The Bank of Canada will likely leave the overnight lending rate unchanged for the whole of 2021, according to a recent forecast. ... More

Bank of Canada, Mortgage Consumers, Mortgage Rate Forecast, Mortgage Rates, Mortgage Trends

Time to lock in? The outlook for mortgages in 2021

1/5/2021 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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For those of you who need a mortgage in the next 12 months, here are five humble prophecies about the year ahead. ... More

Canadian Mortgage Market, Mortgage Consumers, Mortgage Market, Mortgage Rates Canada, Mortgage Trends

Non-bank lenders see spikes in mortgage arrears rate

12/20/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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It was a significant jump year-on-year ... More

Alternative Lenders, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Private Lenders

Bank of Canada opens door to another rate cut - but not one below zero

12/11/2020 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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Bank says it could go lower than 0.25%, but remains deeply skeptical of negative interest rates ... More

Bank of Canada Benchmark Rate, Mortgage Consumers

Bank of Canada keeps overnight rate frozen

12/9/2020 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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In today’s policy announcement, the Bank of Canada stood by its pledge to hold its key overnight interest rate at 0.25%. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Mortgage Consumers, Mortgage Rates Canada

Mortgage interest costs continued to fall in October

11/24/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Mortgage interest costs continued to trend downward in October, according to recent figures from Statistics Canada. ... More

Bank of Canada, Mortgage Consumers, Mortgage Rates Canada, Statistics Canada

Are five-year fixed mortgage rates in Canada about to increase?

11/23/2020 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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Several mortgage brokers are warning of a spike in rates once bond yields recover. ... More

Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

How long can interest rates stay low once a vaccine arrives?

11/10/2020 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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Jubilation over the good news about a vaccine has taken markets by storm. For borrowers, good news is often bad news. ... More

Coronavirus, Mortgage Consumers, Mortgage Rates Canada

One in five deferred mortgages likely to go into default: RBC

10/13/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Approximately 11% of Canadian borrowers have not returned to a regular payment schedule. ... More

Canadian Households, Mortgage Consumers, Mortgage Default, Mortgage Deferrals, Mortgage Delinquency

Pace of Canadian mortgage credit growth is slowing

10/8/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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As payment deferrals begin to expire, Canada’s outstanding mortgage credit is now exhibiting slower growth. ... More

Canadian Households, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals

Why some Canadians have only 5-7 months before their home buying window closes

9/28/2020 | Posted in Home Buyers by Century 21 People's Choice
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In light of the past six months of COVID-19-triggered uncertainty, home sales in Canada have been shockingly brisk as a combination of FOMO and low interest rates keep drawing ... More

Home Buyers, Home Buyers Tips, Mortgage Consumers, Move Up Home Buyers, Stress Test

Most new mortgages still come from the Big Six

9/25/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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The largest share of new mortgages in Canada is still with the big banks, according to the Canada Mortgage and Housing Corporation. ... More

Big Six, Canadian Mortgage Market, Mortgage Consumers, Mortgage Market

Major banks anticipating resumption of most mortgage payments

9/18/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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A "vast majority" of borrowers who took on payment deferrals will be able to fulfill their balances before year-end. ... More

Canadian Banks, Canadian Real Estate Market Outlook, Mortgage Consumers, Mortgage Deferrals, Mortgage Delinquency

Surge in outstanding residential mortgage credit: CMHC sees risk of delinquencies jumping

9/10/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Canadians piled on mortgage debt even as COVID-19 forced the country into lockdowns, and Canada Mortgage and Housing Corporation (CHMC) worries many will eventually struggle to ... More

Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Mortgage Delinquency, Mortgage Rates Canada, Mortgage Trends

Canadians have more than 500,000 payment deferrals with the Big Six

9/9/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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The total mortgage deferral volume in these banks as of the end of July exceeded $130 billion ... More

Big Six, Mortgage Consumers, Mortgage Deferrals

CMHC eyeing 'new tools' as mortgage deferral cliff looms for borrowers

7/28/2020 | Posted in Canadian Housing Market by Century 21 People's Choice
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This fall, loan payments unemployed borrowers kicked down the road must start being repaid again, plus interest ... More

CMHC, Home Owners, Mortgage Consumers, Mortgage Deferrals

Mortgage Rates Keep Setting New Record Lows

6/30/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available for ... More

Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Industry, Mortgage Market, Mortgage Rates Canada, Mortgage Trends

Record-low interest rates here to stay - for now

6/23/2020 | Posted in Mortgage Interest Rates by Century 21 People's Choice
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Low interest rates will be the norm for the foreseeable future, Bank of Canada Governor Tiff Macklem said earlier this week. ... More

Bank of Canada, Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Variable Rate Mortgages

In opposition of new CMHC guidelines, Genworth not increasing eligibility restrictions

6/12/2020 | Posted in Mortgage News by Century 21 People's Choice
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Insurer says its current policies are sufficiently robust ... More

Canadian Mortgage Market, Insured Mortgages, Mortgage Consumers, Mortgage Insurance, Mortgage Loan Insurance

CMHC's new rules will spur heightened home-buying activity

6/12/2020 | Posted in Mortgages and Real Estate by Century 21 People's Choice
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Many Canadians will attempt to purchase new homes before the adjusted rules take effect on July 1. ... More

CMHC, Home Buyers, Mortgage Consumers

Bank of Canada holds rate steady

6/3/2020 | Posted in Canadian Economy and Interest Rates by Century 21 People's Choice
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The Bank of Canada held its benchmark interest rate steady at 0.25 per cent on Wednesday and said it thinks the economic impact of COVID-19 on the world's economy ... More

Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

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